{
    "type": "ETF",
    "ucits": true,
    "fund_name": "HSBC Global Funds ICAV - Global Sukuk UCITS ETF",
    "investment_objective": "Track the FTSE IdealRatings Sukuk Index (total return) while maintaining Shariah compliance",
    "primary_asset_class": "Bond (Sukuk - Islamic fixed income securities)",
    "geographic_focus": "Global, with significant exposure to Saudi Arabia, UAE, Indonesia, Malaysia, and other emerging markets",
    "replication_method": "physical",
    "swaps": false,
    "derivatives": false,
    "leverage": false,
    "inverse": false,
    "complex_factors": "",
    "classification": "non-complex",
    "supporting_data": "The Fund is a UCITS-compliant ETF investing primarily in physical Sukuk bonds that are Shariah-compliant and investment grade. The Fund uses a physical replication approach with optimisation to minimise tracking error, but does not employ synthetic replication or total return swaps. The KIID and PRIIPs KID confirm that derivatives may be used only for efficient portfolio management or risk management purposes, not as an inherent part of the investment strategy, so derivatives are not considered a complexity driver here. There is no leverage or inverse exposure. The risk profile is low (risk level 2 out of 7), consistent with a straightforward bond ETF. The underlying assets are investment grade Sukuk bonds, which are fixed income securities with some complexity due to Shariah compliance but are liquid and transparent. There are no capital protection or structured features. Costs are simple with a single ongoing charge of 0.40%, no performance fees, and no swap or derivative fees. The monthly factsheet confirms no use of swaps or synthetic replication. The Fund invests in a well-known index (FTSE IdealRatings Sukuk Index) without complex contingent bonds or structured products. The PRIIPs KID does not carry a comprehension warning. Overall, the Fund\u2019s structure and holdings do not meet MiFID II criteria for complexity, despite the niche Sukuk asset class. The main complexity consideration is the Shariah compliance screening and the emerging market exposure, but these do not trigger a complex classification under MiFID II. Therefore, the Fund is classified as non-complex."
}